Summary of Compass Therapeutics FY Conference Call Company Overview - **Company**: Compass Therapeutics - **Industry**: Biotechnology, specifically focused on monoclonal antibody discovery and development in oncology - **Location**: Boston - **Current Pipeline**: Three drugs in clinical trials, with a fourth drug about to enter the clinic [2][3] Key Points and Arguments Upcoming Milestones - **Tevesemig**: A DLL4 VEGF-A bispecific antibody with a readout on secondary endpoints of progression-free survival (PFS) and overall survival (OS) expected by the end of Q1 2026 [2][3] - **PD-1, PD-L1 Bispecific Antibody**: Observed three responses in the first 15 patients treated in a phase 1 clinical trial, with cohort expansions planned for triple-negative breast cancer and non-small cell lung cancer [2][3][31] - **Fourth Drug**: A novel PD-1 VEGF-A bispecific antibody entering the clinic at the beginning of 2026 [3][4] Clinical Trial Insights - **Tevesemig Efficacy**: In a randomized study, the response rate in the combination arm (including Tevesemig) was more than triple that of the control arm, with a significant reduction in progressive disease incidence (42% in control vs. 16% in combination arm) [5][6][9] - **Survival Data**: Observations indicate fewer deaths than projected, suggesting improved overall survival [7][9][10] Market Opportunity - **Biliary Tract Cancer (BTC)**: Approximately 25,000 patients diagnosed annually in the U.S., with an estimated 15,000 patients eligible for second-line therapy, representing a multi-billion-dollar commercial opportunity [11][14] - **Duration of Therapy**: Current second-line chemotherapy duration is low single-digit months, while Tevesemig showed a median PFS of 9.4 months in a phase 2 study [12][14] Expansion Plans - **Frontline Studies**: Ongoing studies at MD Anderson to evaluate Tevesemig in combination with existing regimens, potentially increasing patient numbers by 50% [15][17] - **Additional Indications**: DLL4 expression is enriched in various malignancies, including hepatocellular, gastric, ovarian, renal cell, and colorectal cancers, indicating further expansion potential [17][18] Commercial Readiness - **Manufacturing Capability**: Compass has developed a robust commercial-ready manufacturing process for Tevesemig [20][21] - **Prescriber Awareness**: Initial pre-commercial work has begun, with plans for a full commercial launch preparation for a potential 2027 launch [20][21] Unique Mechanisms - **PD-1, PD-L1 Bispecific Antibody (8371)**: Utilizes a novel technology called StitchMabs, allowing for unique mechanisms of action, including T cell engagement and PD-1 cleavage [22][25] - **Differentiation**: The drug is positioned to have better PD-1 blockade compared to other molecules in development, with a focus on its unique mechanism [33][34] Other Important Insights - **Clinical Observations**: Notable responses in patients previously treated with other therapies, indicating potential for significant clinical impact [31] - **Future Indications**: Plans to explore additional indications for the PD-1 VEGF bispecific, including gastric cancer, hepatocellular, renal cell, and endometrial cancer [34] This summary encapsulates the critical insights and future directions for Compass Therapeutics as discussed in the conference call.

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或依賴該等內容而引致 的任何損失承擔任何責任。 Hanx Biopharmaceuticals (Wuhan) Co., Ltd. 翰 思 艾 泰 生 物 醫 藥 科 技（ 武 漢 ）股 份 有 限 公 司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）╱證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本。本申請版本內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即 代表 閣下知悉、接納並向本公司、其獨家保薦人、獨家整體協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，不 會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依 據於香港公司註冊處處長註冊的本公司招股章程作出投資決定。該 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或依賴該等內 容而引致的任何損失承擔任何責任。 Hanx Biopharmaceuticals (Wuhan) Co., Ltd. 翰 思 艾 泰 生 物 醫 藥 科 技（ 武 漢 ）股 份 有 限 公 司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）╱證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本。本聆訊後資料集內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本 文件，即代表 閣下知悉、接納並向本公司、其獨家保薦人、獨家整體協調人、顧問或包銷團成員表示同 意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，不 會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依 據於香港公司註冊處處長註冊的本公 ...

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotechnology Co., Ltd., has received approval from the National Medical Products Administration for clinical trials of HLX37, a dual-specific antibody injection for treating advanced/metastatic solid tumors [1] Group 1: Company Developments - The approved product, HLX37, is a recombinant humanized dual-specific antibody targeting PD-L1 and VEGF, developed independently by the group [1] - The company plans to conduct Phase I clinical trials for HLX37 in China once conditions are met [1] Group 2: Product Details - Preclinical studies indicate that HLX37 can inhibit tumor growth and demonstrates good safety profiles [1]

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotech Co., Ltd., has received approval from the National Medical Products Administration for clinical trials of HLX37, a dual-specific antibody injection for treating advanced/metastatic solid tumors [1] Group 1: Company Developments - The approved product, HLX37, is a recombinant humanized anti-PD-L1 and anti-VEGF dual-specific antibody injection [1] - The company plans to conduct Phase I clinical trials for HLX37 in China once conditions are met [1] - Preclinical studies indicate that HLX37 can inhibit tumor growth and has good safety profiles [1]

Aclaris Therapeutics Conference Call Summary Company Overview - Aclaris Therapeutics is a clinical stage biotech company with three assets in the clinic and another in development, supported by a robust R&D group focused on both new asset discovery and preclinical sciences [1][2] - The company has expertise in kinase inhibition, with a history stemming from Pfizer, and has expanded its portfolio through acquisitions, including a deal with BioShen [2][3] Key Assets and Pipeline - Aclaris is developing both small and large molecule platforms targeting important unmet medical needs [1][2] - The acquisition of BioShen's assets has allowed Aclaris to explore both dermatological and immunological indications, particularly in respiratory and gastrointestinal areas [3] Bosakitug (TSLP Antibody) - Bosakitug is a TSLP antibody in phase two trials, noted for its potency, being 70 times more potent than Tezopelumab [5][9] - It has a long residence time of 400 hours on TSLP compared to 3-20 hours for competitors, which enhances its therapeutic potential [7] - Phase 2A results showed a 94% EASI75 response and an 88% IGA01 response in atopic dermatitis, with sustained effects observed 12 weeks post-treatment [8][12] Phase 2B Study - Aclaris is confident in the phase 2B study due to the robust data from phase 2A, focusing on a well-defined patient population to minimize placebo effects [11][12] - The dosing regimen remains consistent with phase 2A, aiming for a competitive response rate compared to existing treatments [15] Future Directions - Aclaris plans to explore the potential of Bosakitug in both dermatological and respiratory indications, with a focus on dermatology for the current asset [19] - The company is also developing a bispecific antibody (052) targeting TSLP and IL-4R, which has shown promising preclinical results [20][21] ITK Platform and 2138 - 2138 is the lead compound in Aclaris's ITK franchise, demonstrating dual pharmacology by inhibiting ITK and JAK3, with a focus on atopic dermatitis and potential expansion into lichen planus [31][36] - The compound has shown significant potency and a favorable safety profile, with plans to move into clinical trials for lichen planus due to its mechanistic fit and unmet medical need [36][38] Financial Position and Future Outlook - Aclaris has a strong cash position that extends its runway into the second half of 2028, allowing for continued development of its pipeline without immediate capital raises [42] - The company anticipates multiple data readouts and milestones in 2026, which could significantly impact investor interest and market positioning [41][42] Conclusion - Aclaris Therapeutics is positioned for significant growth with a diverse pipeline targeting critical areas in dermatology and immunology, backed by a solid financial foundation and promising clinical data [41][42]

Financial Data and Key Metrics Changes - In Q3 2025, net product revenues were $15.8 million, down from $18 million in Q3 2024, reflecting variability in customer ordering patterns [17][19] - Total operating expenses were $45 million on a non-GAAP basis, a 12.1% decrease year-over-year, primarily due to lower R&D expenses [18] - The net loss for Q3 2025 was $41 million, or $0.30 per share, compared to a net loss of $44 million, or $0.42 per share, in Q3 2024 [19] - Cash and cash equivalents at the end of Q3 2025 were $234.7 million, down from $250.9 million at the end of 2024, but increased to approximately $292.3 million post a $60 million financing [20] Business Line Data and Key Metrics Changes - Xelanta continues to be positioned as a differentiated treatment option for third-line plus DLBCL patients, with ongoing trials expected to yield additional data [5][6] - The company is advancing its PSMA-targeting ADC, with IND-enabling activities on track for completion by year-end [6] Market Data and Key Metrics Changes - The treatment landscape for DLBCL is evolving, with a 60/40 split between complex therapies and broadly accessible therapies [11] - The company anticipates that Xelanta could achieve peak annual revenues of $600 million to $1 billion in the U.S. by expanding into earlier lines of therapy [9][10] Company Strategy and Development Direction - The company aims to expand Xelanta's use into earlier lines of therapy for DLBCL and into indolent lymphomas, with a focus on maintaining a competitive edge in the market [8][10] - The strategy includes leveraging data from ongoing trials (LOTIS-5 and LOTIS-7) to support regulatory submissions and enhance market penetration [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to invest further in Xelanta, anticipating advancements into earlier lines of therapy and additional indications [8][23] - The management highlighted the potential for Xelanta to transform the treatment paradigm for lymphoma, particularly with promising data from ongoing trials [10][14] Other Important Information - The company secured a $60 million private placement, extending its cash runway to at least 2028, which supports its strategic initiatives [7][20] - The company plans to provide updates on key trials and data catalysts throughout 2025 and 2026 [20][21] Q&A Session Summary Question: Can you frame how many patients we might get later this quarter? - The company is still targeting approximately 100 patients for enrollment, which is expected to occur quicker than originally anticipated [24][25] Question: When should we expect to see an inflection point for Xelanta sales? - The company expects to share interim data for LOTIS-7 later this year and top-line results for LOTIS-5 in the first half of 2026, with revenue ramp-up anticipated post-approval in the first half of 2027 [28][29][30] Question: Would you consider pursuing Xelanta in the front-line DLBCL setting? - The company is monitoring the front-line setting closely but does not plan to fund a phase three study independently [32][33] Question: How do you view the split of community and academic therapies? - The company does not see a strict division between community and academic settings, as both can administer complex therapies depending on patient suitability [36][37][40] Question: How would an increase in penetration in the second or third line setting affect Xelanta revenues? - The company estimates that maintaining a 10% share in the second line could increase revenues from a $70 million run rate to over $200 million [42][44]

Core Viewpoint - The announcement by Valiant Biopharma-B (09887) regarding the successful administration of the first patient in the Phase II clinical trial of LBL-024 for first-line treatment of hepatocellular carcinoma marks significant progress in expanding the indications for this core product [1] Group 1: Clinical Trial Details - The Phase II clinical study is an open-label, multi-center trial led by Professor Zhou Jian from Zhongshan Hospital affiliated with Fudan University, currently being conducted in multiple hospitals across the country [1] - The trial aims to evaluate the efficacy and safety of the combination therapy using Opalizumab (PD-L1/4-1BB bispecific antibody LBL-024) for patients with hepatocellular carcinoma [1] Group 2: Product Information - LBL-024 is a bispecific antibody targeting both PD-L1 and 4-1BB, representing the first targeted therapy for the 4-1BB receptor to reach the registered clinical stage for treating extra-pulmonary neuroendocrine carcinoma [1] - LBL-024 is expected to become the first approved drug for the treatment of advanced extra-pulmonary neuroendocrine carcinoma [1] - Utilizing the proprietary X-body platform, LBL-024 features an optimal 2:2 structural design that can relieve PD-1/L1 immune suppression and enhance 4-1BB-mediated T cell activation, achieving a synergistic effect in tumor elimination, demonstrating greater potential for broad-spectrum cancer treatment compared to PD-1/L1 inhibitors [1]

Core Viewpoint - The announcement by Weili Zhibo-B (09887) highlights the successful administration of Opalizumab (PD-L1/4-1BB bispecific antibody LBL-024) to the first patient in a Phase II clinical trial for first-line treatment of hepatocellular carcinoma, indicating significant progress in expanding the indication for this core product [1] Group 1: Clinical Research - The Phase II clinical trial is an open-label, multicenter study led by Professor Zhou Jian from Zhongshan Hospital affiliated with Fudan University, currently being conducted in multiple hospitals across the country [1] - The trial aims to evaluate the efficacy and safety of Opalizumab in combination therapy for patients with hepatocellular carcinoma [1] Group 2: Product Information - LBL-024 is a bispecific antibody targeting both PD-L1 and 4-1BB, representing the first targeted therapy for the 4-1BB receptor to reach the registered clinical stage for treating extra-pulmonary neuroendocrine carcinoma globally [1] - LBL-024 is expected to become the first approved drug for treating advanced extra-pulmonary neuroendocrine carcinoma [1] - Utilizing the proprietary X-body platform, LBL-024 features an optimal 2:2 structural design that can relieve PD-1/L1 immune suppression and enhance 4-1BB-mediated T cell activation, achieving a synergistic effect in tumor eradication, with greater cancer treatment potential compared to PD-1/L1 inhibitors [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Nanjing Leads Biolabs Co., Ltd. 南 京 維 立志博生物科技股份有限公司 （於 中 華 人 民 共 和 國 成 立 的 股 份 有 限 公 司） （股 份 代 號：9887） 自願公告 LBL-024於一線治療肝細胞癌II期試驗的首例患者用藥 本公告由南京 維 立志博生物科技股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，以 告 知 本 公 司 股 東 及 潛 在 投 資 者 有 關 本 公 司 的 最 新 業 務 發 展 情 況。 本 公 司 欣 然 宣 布，評 價 奧 帕 替 蘇 米 單 抗（PD-L1/4-1BB雙特異性抗體LBL-024）用 於一線治療肝細胞癌的II期 臨 床 研 究 首 例 患 者 已 成 功 用 藥，標 誌 著 該 核 心 產 品 適 應 症 拓 展 ...